180 Degree Capital Corp., an investment management firm, recently released its first quarter 2023 investor letter. A copy of the same can be downloaded here. The fund performed well in a challenging and bear market for microcap funds and was able to gain a +5.7% gross total return for the first quarter of 2023. The Russell Microcap Index returned a -2.9% for the same quarter. The gross total return of the fund since inception in 2017 was +243.6% compared to 31.8% return for the Index. The consumer discretionary, industrials, and information technology sectors were the positive contributors while the communication services sector detracted from the performance. In addition, please check the fund’s top five holdings to know its best picks in 2023.
180 Degree Capital Corp. highlighted stocks like Intevac, Inc. (NASDAQ:IVAC) in the first quarter 2023 investor letter. Headquartered in Santa Clara, California, Intevac, Inc. (NASDAQ:IVAC) develops thin-film processing systems. On June 6, 2023, Intevac, Inc. (NASDAQ:IVAC) stock closed at $4.29 per share. One-month return of Intevac, Inc. (NASDAQ:IVAC) was -13.51%, and its shares lost 16.86% of their value over the last 52 weeks. Intevac, Inc. (NASDAQ:IVAC) has a market capitalization of $111.215 million.
180 Degree Capital Corp. made the following comment about Intevac, Inc. (NASDAQ:IVAC) in its Q1 2023 investor letter:
“Intevac, Inc. (NASDAQ:IVAC): IVAC continued its positive momentum from Q4 2022 when it announced a deal with Corning that could lead to at least $100 million in revenue over five years, if IVAC’s tool is qualified successfully in 2023. IVAC is also exploring the use of its coating tools for applications outside of consumer electronics where Corning would have exclusivity with that level of purchasing. 180 sold ~29% of its position in IVAC at an average sale price of $7.08 per share. For the quarter, IVAC increased NAV by $0.08 per share, or $0.9 million.”
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Intevac, Inc. (NASDAQ:IVAC) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 12 hedge fund portfolios held Intevac, Inc. (NASDAQ:IVAC) at the end of first quarter 2023 which was 11 in the previous quarter.
We discussed Intevac, Inc. (NASDAQ:IVAC) in another article and shared the list of defense stocks to buy that are too cheap to ignore. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.